The power of e-commerce was a key factor in the £12 billion merger of British record giant EMI with the music division of Time Warner, the company has revealed.
The deal will create the world’s biggest record company, with projected sales of more than £5 billion.
Eric Nicoli, chairman of EMI, said the deal "enhances our ability to realize the opportunities presented by the Internet”. The company had already revealed last year that it expects to make 10 per cent of all sales online within five years.
EMI’s e-commerce ambitions are underpinned by last week’s £220 billion merger of Time Warner and Internet provider AOL, see
AOL deal means richer Web content.